NIFTY
Current: 5,488 (Aug fut: 5,498)
Target: NA
The index seems on the verge of a downside breakout. If it falls below 5,450, it could slide till the 5,250 mark. A recovery would hit resistance at 5,550. A bearspread of long Aug 5,400p (69) and short 5,300p (42) costs 27 and pays a maximum 73. Alternatively, sell the future with a stop-loss at 5,525 and an initial target of 5,450.
RELIANCE INDUSTRIES
Current: Rs 838
Target: Rs 810
The stock is likely to test its 52-week lows around Rs 825-830 and if it falls below Rs 825, it has a minimum downside till Rs 810 and it could fall till Rs 790. Keep a stop at Rs 850 and short. Add to the position between Rs 825-830 and reset the stop to Rs 835. Book profits below Rs 810.
ACC
Current: Rs 1,022
Target: Rs 1,055
It's not clear if the recent up move was short-covering or genuine investment. However the stock could test resistance at Rs 1,050-1,060 if the up move continues. Keep a stop at Rs 1,005 and go long. Add to the position between Rs 1,035-1,045 and reset the stop to Rs 1,030. Book profits above Rs 1,055.
HDFC BANK
Current: Rs 487
Target: Rs 476
The stock has hit a succession lows since it was split 5:1. Projecting is difficult given the lack of price history. But the chart pattern suggests a target of Rs 475 is likely in the next three sessions. Keep a stop at Rs 496 and go short. Add to the position between Rs 480-484 and reset the stop to Rs 487. Book profits below Rs 476.
JP ASSOCIATES
Current: Rs 69.5
Target: Rs 65.5
The stock made a downwards breakout on high volumes, hitting a new 52-week low. It could slide till Rs 65-66. Keep a stop at Rs 71 and go short. Add to the position between Rs 67.5-68.5 and reset the stop to Rs 69. Start booking profits below Rs 66.
The target price and projected movements given above are in terms of the next one trading session, unless otherwise stated
